Trade Statistics for September 2024
South Africa recorded a preliminary trade balance surplus of R12.8 billion in September 2024 attributable to exports of R170.7 billion and imports of R157.9 billion, inclusive of trade with Botswana, Eswatini, Lesotho and Namibia (BELN).
In tough economic conditions SARS increases its compliance focus
The South African Revenue Service (SARS) welcomes the Medium-Term Budget Policy Statement (MTBPS) tabled in Parliament today by the Minister of Finance, Mr Enoch Godongwana. The Minister revised the 2024 February Budget net tax revenue estimate from R1 863.0 billion to R1 840.8 billion.
SARS welcomes the High Court decision on Mr Roux Shabangu
The Commissioner for the South African Revenue Service (SARS) Mr. Edward Kieswetter has welcomed the decision of the Gauteng North High Court Division that held Mr. Ngwane Roux Shabangu accountable for his failure to pay SARS the outstanding taxes owed by him and his linked entities. Mr. Shabangu has various business interests in the construction and property industry.
SARS is engaging with industry to avert fuel shortages
After careful consideration, SARS Commissioner has granted special permission for the importation of kerosene fuel from 21 October 2024 until 20 October 2025. The special permission is granted to allow parties to attend to the complexities involved in the process of the deregistration of manufacturing warehouses and reregistration of affected storage facilities.
SARS is engaging with industry to avert any fuel shortages
The South African Revenue Service (SARS) has noted media statements alluding to the pending shortage of jet fuel, known as kerosene, due to what is purportedly SARS’ dithering to issue licences to fuel companies. This is an incorrect position. The importation and movement of both aviation kerosene and illuminating kerosene is strictly governed by the Customs and Excise Act.
Tito Mboweni was integral to SA’s macro-economic stability
The South African Revenue Service (SARS) pays special tribute to the late Mr. Tito Mboweni who helped to stabilize our macro-economic landscape in the pivotal roles he played as Governor of the Reserve Bank and Minister of Finance, working closely with SARS as part of the broader Finance family.
SARS Customs officers in R25 million cocaine bust
Customs officers of the South African Revenue Service (SARS) uncovered 47 bricks of compressed cocaine, with an estimated street value of R25 million, at the OR Tambo International Airport this morning.
More than 1 million taxpayers withdraw from their savings pot
The South African Revenue Service (SARS) wishes to announce that to date it has received 1,213,646 applications for tax directives for withdrawals from the Savings Withdrawal Benefit of the two-pot system. Of the total number of applications 1,148,729 tax directives were approved for funds to be released. The remainder were declined for a variety of reasons, including incorrect Identity Numbers, incorrect tax numbers, amongst others.
SARS Warns About Crypto Asset Compliance
The South African Revenue Service (SARS) has noted the phenomenal growth of the use of various digital currencies by many South Africans. Prominent amongst these is the prevalence of crypto assets. A staggering number of more than 5.8m South Africans hold a crypto asset, with Southern Africa boasting the largest uptake of Bitcoin in the world.
Constitutional court ruling on ‘conduit principle’ and capital gains liability in multiple tiered Trust structure
The Commissioner for the South African Revenue Service (SARS) welcomed the Constitutional Court judgement handed down on 02 October 2024 by the Constitutional Court on the matter of The Thistle Trust v Commissioner of SARS. The matter concerned the applicability of the ‘conduit principle’ to capital gains when distributed in a multiple-tiered Trust structure in the same tax year. The Constitutional Court ruled in favour of SARS’ application of the statutes to the tax liability of the taxpayer, Thistle Trust.
